Hello Fintech Friends,
Today’s newsletter is brought to you by our friends at Stablecon.
The PayPal sale may finally be materializing. The Wall Street Journal reports that the company is in talks to sell itself to a group including Stripe and private equity firm Advent International, following a July proposal that valued the company at about $53 billion. A deal “could come together in the coming weeks,” according to the Journal.
Meanwhile, India’s public-markets pipeline is heating up. Navi hired banks for a potential $314 million IPO, while Muthoot FinCorp and Svatantra Microfin each filed for offerings of roughly the same size.
Thoma Bravo agreed to acquire Accelerant at an enterprise value above $4 billion, Goldman Sachs struck a deal for NEOS Investments worth up to $2.25 billion and Bank of America committed $1.9 billion for a stake in Jio Credit.
In this week’s deep reads, CBS News investigates the Secret Service’s crackdown on a card-skimming scam in which a single device can net a scammer up to $1 million. Also, Sezzle is gunning for a national bank charter, and Bunq’s pursuit of a U.S. banking license has hit a roadblock.
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Reads of the Week
IPOs & SPACs - Fintech
Indian fintech Navi hired JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan for an IPO that could raise ₹30 billion ($314 million) at a valuation of up to $2 billion.
Indian gold lender Muthoot FinCorp filed for a ₹30 billion ($314.6 million) IPO.
Indian microfinance lender Svatantra Microfin filed for a ₹30 billion ($314.3 million) IPO.
Fintech-focused SPAC Thunder Bridge Capital Partners V priced a $261 million Nasdaq IPO.
Robinhood Ventures Fund II priced its IPO of eight million shares at $25 each, bringing the closed-end fund’s total size to $225.5 million for investments in early-stage private companies.
Tokyo-based earned wage access fintech Advasa Holdings filed for a direct Nasdaq listing of up to 94 million existing shares, with no offer price disclosed and no proceeds going to the company.
Philippine digital banking and payments company Maya is considering an IPO as early as 2027, with the offering size still undisclosed.
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M&A - Fintech
Private equity firm Thoma Bravo agreed to acquire specialty-insurance technology platform Accelerant in an all-cash transaction with an enterprise value of more than $4 billion.
Trading platform eToro agreed to acquire online brokerage TradeZero for up to $231 million in cash and stock.
American Banker reports that Fiserv is considering asset sales amid pressure from activist investor Jana Partners, while FIS is evaluating strategic alternatives for select capital-markets products.
Stablecoin payments platform Rain acquired merchant-wallet startup Ansa, adding branded stored-value and closed-loop payment capabilities.
Regtech provider cleversoft agreed to acquire UK regulatory-reporting software company FS Assist.
M&A - Banks and Financial Institutions
Goldman Sachs agreed to acquire active ETF provider NEOS Investments for up to $2.25 billion in cash and equity.
Bank of America is investing ₹182.68 billion ($1.9 billion) for a stake of up to 49.9% in Indian digital lender Jio Credit.
Air Canada agreed to sell a 25% stake in its Aeroplan loyalty program to an investor group led by Blackstone and La Caisse for C$2.5 billion ($1.8 billion).
RBC and BMO agreed to sell Canadian payments processor Moneris to Francisco Partners for C$2 billion ($1.44 billion) in cash.
Illinois-based HBT Financial agreed to acquire Tri-County Financial Group, parent of First State Bank, in a cash-and-stock transaction valued at approximately $204.6 million.
Citi will acquire rewards technology company Kard Financial to expand merchant-funded offers across its card business.
Commercial property insurer FM acquired risk-modeling technology provider FortressFire, which uses machine learning and physics-based modeling to assess wildfire risk.
Marsh McLennan Agency is acquiring Iowa-based insurance, benefits, retirement and wealth advisory firm Accel Holdings.
